Segment Information

3 Months Ended

Mar. 31, 2012

Segment Information [Abstract]

Segment Information

Note 14 - Segment Information

We have three reporting segments and corporate overhead:

 � Northeastern Plastics ("NPI") - a wholly-owned subsidiary, is a supplier of automotive after-market products and consumer durable goods products to retailers and wholesalers in the automotive after-market and in the consumer durable electrical products markets;

 � Delta Seaboard International ("Delta") - a 44.0% owned subsidiary, is an onshore rig-based well-servicing contracting company providing services to the oil and gas industry; As of March 31, 2012, Delta Seaboard Well Service, Inc. ("DSWSI"), a Texas corporation was a wholly-owned subsidiary of Delta. On April 3, 2012, Delta entered into an Asset Purchase Agreement to sell the assets of DSWSI (notes 1 and 7).  The assets of DSWSI are classified as assets held for sale and associated liabilities of assets held for sale in the consolidated balance sheets as of March 31, 2012 and December 31, 2011 in accordance with Presentation of Financial Statements - Discontinued Operations (ASC 205-20). DSWSI's net loss of $922,517 for the three months ended March 31, 2012, and net income of $144,200 for the three months ended March 31, 2011 are included in discontinued operations.

 � American International Texas Properties, Inc. ("AITP") - a wholly-owned real estate subsidiary, with real estate holdings in Harris, Galveston, and Waller Counties in Texas.

 � Corporate overhead - American's investment holdings including financing current operations and expansion of its current holdings as well as evaluating the feasibility of entering into additional businesses.  Corporate overhead also includes Brenham Oil & Gas ("BOG"), a division that currently owns minimal oil, gas and mineral royalty interests. Through Brenham Oil & Gas, American is engaged in negotiations with financial institutions for the purpose of financing potential acquisitions of existing oil and gas properties and reserves. The Company is seeking to acquire a portfolio of oil and gas assets in North America and West Africa and large oil concessions in West Africa. American owns 58,680,074 shares of common stock, representing 53.2% of BOG's total outstanding shares.

The accounting policies of the segments are the same as those described in the summary of significant accounting policies. American evaluates performances based on profit or loss from operations before income taxes, not including nonrecurring gains and losses and foreign exchange gains and losses.  American's reportable segments are strategic business units that offer different technology and marketing strategies. Most of the businesses were acquired as subsidiaries and the management at the time of the acquisition was retained.  American's areas of operations are principally in the United States. No single foreign country or geographic area is significant to the consolidated financial statements.

Consolidated revenues from external customers, operating income (loss), depreciation and amortization expense, interest expense, capital expenditures, non-cash transactions, and identifiable assets were as follows:

	Three Months Ended March 31,
	2012			2011
Revenues:
Northeastern Plastics	$	1,145,654		$	1,601,859
Brenham Oil & Gas		279			450
AITP		7,481			-
Total revenues	$	1,153,414		$	1,602,309
Operating income (loss) from continuing operations:
Northeastern Plastics	$	(202,354	)	$	(132,056	)
Delta Seaboard		(22,000	)		(127,500	)
AITP		(26,961	)		-
Corporate		(391,670	)		(871,682	)
Operating loss from continuing operations		(642,985	)		(1,131,238	)
Other income (expense) from continuing operations		29,846			(330,358	)
Net income from continuing operations before income tax	$	(613,139	)	$	(1,461,596	)
Depreciation and amortization:
Northeastern Plastics	$	15,844		$	14,501
Corporate		1,352			1,605
Total depreciation and amortization	$	17,196		$	16,106
Interest expense:
Northeastern Plastics	$	36,412		$	51,722
Corporate		22,596			27,797
Total interest expense	$	59,008		$	79,519

Capital expenditures:
Northeastern Plastics	$	3,510	$	1,756
Total capital expenditures	$	3,510	$	1,756
Non-cash investing and financing transactions:
Delta
Delta dividends declared and unpaid	$	20,000	$	60,000
Reversal of preferred dividends of Delta	$	1,055,000	$	-
Corporate
Unrealized loss on marketable securities	$	2,340	$	117,000
Note payable issued for lawsuit settlement	$	-	$	400,000
Adjustment to noncontrolling interest in Delta and BOG	$	59,748	$	33,262

	March 31, 2012		December 31, 2011
Identifiable assets:
Northeastern Plastics	$	6,874,849	$	6,725,241
AITP		7,978,024		8,042,142
Corporate		489,683		814,117
Assets held for sale		5,286,633		5,285,026
Total identifiable assets	$	20,629,189	$	20,866,526